Commenting on the FCA's latest figures on pension scams, Tommy Burns, Risk and Financial Crime Manager at Phoenix Group, said:
"The FCA's recent figures showing over £2 million has been lost to pension scams in the last five months are shocking, especially as it's people's life savings that are being targeted. It's therefore really important that people are aware of the latest scam tactics. Pension scammers target pension pots of all sizes, relying on deception, and scammers can be articulate and financially knowledgeable, with authentic looking websites, customer testimonials and advertising that looks genuine. Scammers will design attractive offers to lure you in; downplaying the risks to your money to try and persuade you to transfer your pension pot to them or to release funds from it.
"For example, offers of unrealistically high financial returns or free pension reviews are often too good to be true, and we would urge anyone that's being lured by these sorts of promises to check out their credibility before acting further. Taking the time to check that a website is secure before sharing personal details, inspecting the URL, or simply asking whether a deal sounds realistic coud stop you being scammed, and save you a lot of money and heartache too."
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Sarah Muir
Lansons
0787 097 537
Daniel White
Phoenix Group
0797 195 2921
daniel.white@thephoenixgroup.com
About Phoenix Group
Phoenix Group is the UK’s largest long-term savings and retirement business with c.14 million customers and £338 billion of assets under administration across both our Heritage and Open businesses. Our Heritage business, where we are the market-leader, is focused on the safe and efficient management of insurance policies.
The Heritage business comprises products that are no longer actively marketed to customers, and where we have stepped in as the custodian of these policies. We have built this business through the consolidation of over 100 legacy insurance brands.
Our Open business comprises products that are actively marketed to new and existing customers and has five separate business units. Our Workplace pensions and Customer Savings & Investments (“CS&I”) units operate under the Standard Life brand and manufacture long-term savings and retirement products to support people saving for their future.
The Retirement Solutions unit within Open includes both vesting annuities and our Bulk Purchase Annuity (“BPA”) business, where we acquire annuities and deliver the financial stability required to secure pensions currently provided by corporates.
The Open business comprises our market leading brand – “SunLife” – which sells a range of financial products specifically for the over 50s market and our European business unit which spans Ireland, Germany and the International Bond segment in the UK and operates under the Standard Life brand.